Name: Jim Wyckoff 
Markets Quiet, Awaiting Today's FOMC Announcement
Thursday, June 28--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading today, as markets are quieter and awaiting this afternoon's FOMC announcement on U.S. interest rate policy.
* JIM'S MARKET THOUGHT OF THE DAY *
One of my favorite technical indicators is the Moving Average Convergence Divergence (MACD) indicator. It's easy to understand and does provide good buy and sell signals in many situations. I wrote a feature on the MACD a while back and I'd be happy to email it to you, if you are interested in reading it. Just drop me an email at jim@jimwyckoff.com and I'll attach it and send it back.--Jim
U.S. STOCK INDEXES
The stock indexes are near steady in quieter early morning electronic trading, after Wednesday's solid rebounds. Look for more choppy trading conditions in the near term.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at 1,510.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,505.00. Upside resistance for active traders today is located at 1,525.00 and then at 1,530.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,510.30
1st Support:------ 1,500.85
2nd Support:------ 1,482.80
1st Resistance:--- 1,528.35
2nd Resistance:--- 1,537.80
September Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical support is located at 840.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 835.00. On the upside, short-term resistance is seen at 850.00 and then at 855.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 838.95
1st Support:------ 831.65
2nd Support:------ 817.70
1st Resistance:--- 852.90
2nd Resistance:--- 860.20
September Dow: Sell stops likely reside just below support at 13,500 and then more stops just below support at 13,400. Buy stops likely reside just above shorter-term technical resistance at 13,550 and then at 13,600. Shorter-term moving averages are neutral early today, as the 4-day moving average is below the 9-day and 18-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,467
1st Support:------ 13,403
2nd Support:------ 13,285
1st Resistance:--- 13,585
2nd Resistance:--- 13,649
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are near steady early today, as traders await the FOMC announcement. Bears still have the overall near-term technical advantage, but bulls have gained some fresh technical momentum this week.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance lies at 107 8/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Wednesday's high of 107 18/32. Shorter-term technical support lies at the overnight low of 106 27/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 106 16/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 107 4/32
1st Support:----- 106 22/32
2nd Support:----- 106 13/32
1st Resistance:-- 107 13/32
2nd Resistance:-- 107 27/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at 105.16.0, and more buy stops are likely located just above resistance at Wednesday's high of 105.25.5. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 105.07.5, and then more sell stops just below support at 105.00.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 105.16.0
1st Support:------ 105.06.0
2nd Support:------ 105.00.0
1st Resistance:--- 105.22.0
2nd Resistance:--- 106.00.0
